Zacks Investment Research upgraded shares of Terex Corporation (TEX) from UNDERPERFORM to NEUTRAL on January 02, 2015, with a target price of $29.00.
In the third quarter of 2014, Terex Corporation's adjusted earnings per share (EPS) declined 19% year over year to $0.59. Terex will continue to benefit from its restructuring programs, debt reduction and share repurchases. However, Terex lowered its adjusted EPS guidance to the range of $2.35-$2.50 for 2014 and reiterated net sales range of $7.3-$7.5 billion. The prospects of decline in AWP operating profits, coupled with weakness in the crane segment and weakening backlog creates significant uncertainty regarding 2015 earnings. Moreover, adverse currency fluctuations, commodity price volatility and competition remain headwinds in the near term. Considering the positive and negative factors, we are upgrading our recommendation from underperform to neutral with a target price of $29.
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